H.I.G. Capital’s affiliate H.I.G. Realty Partners has originated a $48.7 million loan to finance the redevelopment of Expo 3, a 94,000 square foot creative office complex located in the Culver City submarket of Los Angeles, CA.
The loan was made to The Luzzatto Company, a Los Angeles-based owner/operator with extensive office redevelopment experience. The Luzzatto Company acquired the site in the Spring of 2019.
During the acquisition process, the company secured a lease for 100% of the property, on a long-term basis, to a preeminent, health-focused fast casual restaurant chain. The property will serve as the chain’s corporate headquarters.
“This was a unique opportunity to provide financing for a 100% pre-leased office complex on the West Side of Los Angeles,” said Michael Mestel, Managing Director at H.I.G. Realty Partners. He added, “We are confident that The Luzzatto Company will do a tremendous job completing the project.”